ppac march 2017 report, india crude oil import, india oil and gas sector at a glance, bpcl, hpcl, ioc, ongc, fuel stations in india
File photo. A Bharat Petroleum oil pump station displays the price of unleaded petrol (0.89$) and diesel (0.66$) as pedestrians walk past in New Delhi, India, February 3, 2016. Representational imageReuters file

Saudi Arabia said on Thursday, May 17, it would make sure the world is adequately supplied with oil to support global economic growth just as top consumer India expressed frustration with oil prices hitting $80 per barrel for the first time since 2014.

OPEC's most influential energy minister, Saudi Arabia's Khalid al Falih, called India's Petroleum Minister Dharmendra Pradhan to assure him that supporting global economic growth was "one of the kingdom's key goals", the Saudi ministry said in a statement.

"He (Falih) reiterated his commitment towards market stability and that the Kingdom together with other producers will ensure availability of adequate supplies to offset any potential shortfalls," the statement said.

The statement came as oil prices rose back to $80 per barrel for the first time since 2014 due to rising concerns over disruptions to Iranian oil exports because of new U.S. sanctions and due to plummeting output in Venezuela.

Both the Saudi and Indian ministries said Pradhan expressed concern about escalating prices and the impact it has on consumers and especially on the Indian economy, the world's third largest oil consumer.

"I expressed my concern about rising prices of crude oil and its negative impact on consumers and the Indian economy and reiterated the need for stable and moderate crude oil prices," Pradhan said in a statement.

The statements said Falih briefed Pradhan on his consultations with major producing countries both in and outside of OPEC, including Russia.

India is one of the world's fastest growing energy consumers and its oil use only lags behind the United States and China.



OPEC member the United Arab Emirates said on Thursday OPEC had bigger issues to consider than the impact of the U.S. decision to withdraw from the international nuclear deal with Iran such as Venezuela's collapsing output.

U.S. President Donald Trump has also called on OPEC to help cool oil prices saying they were artificially high and that it was "unacceptable".